Current News

US Senators Patrick Leahy (D-VT) and Bernie Sanders (I-VT) today praised the Environmental Protection Agency for forcing coal- and oil-fired power plants to reduce emissions.
Leahy Statement:
"I commend the Environmental Protection Agency for doing the right thing, under tremendous special interest pressure, in standing up for the public's interest. The Utility Air Toxics Rule to control toxic air pollutants such as mercury is a health and environmental breakthrough for the American people, and especially for Vermonters. Finally, after 20 years of dodging regulation, coal- and oil-fired electric power plants, the largest contributors of these toxics, will be held accountable for the pollution they emit, just as many other industries are.

The Vermont Economic Progress Council authorized $8.3 million in incentives under the Vermont Employment Growth Incentive (VEGI) program in 2011, which will encourage the creation of 988 new jobs in Vermont.
The Vermont Economic Progress Council met throughout the year to review and authorize the incentives. No incentives are paid when the companies are authorized. The authorization means that the companies met statutory requirements to be authorized to earn a certain level of incentives.
Overall, these projects will create 988 new jobs and about $40 million in new payroll for Vermonters, and the companies will make $302 million in capital investments in Vermont, between 2011and 2015. The jobs must be new, full-time, permanent, non-owners, and pay more than 160 percent of the Vermont Minimum Wage (about $13.04/hour) and provide benefits.

A new video, released by the Vermont Community Foundation, says thank you to everyone who has contributed to Irene relief and recovery on behalf of all Vermonters. The short message is drawn from storm footage as well as recent interviews with flood victims, local heroes, and state leaders. The Community Foundation is distributing the video to share this message of gratitude with people across the state and beyond who have helped heal Vermont.

Vermonters of all walks of life turned out for the ninth-annual Gift-of-Life Marathon today, donating 1,855 pints of blood but missing the national one-day community blood drive record of 1,968 pints.
‘It was an extraordinary day and an amazing display of community spirit and determination,’ said Central Vermont Public Service spokesman Steve Costello, one of the organizers. ‘The national record didn’t fall, but this was the largest per-capita blood drive in US history, the second-largest ever, and the region should be proud of what it accomplished.’

Former school board chair John Hollar today announced his candidacy for mayor of Montpelier. He made the announcement at Onion River Sports.

Governor Peter Shumlin today announced that Mental Health Commissioner Christine Oliver and Deputy Secretary Patrick Flood will swap positions, with Oliver assuming the role of Deputy Secretary and Flood becoming Commissioner of Mental Health.
The job swap meets two imperatives. First, the announcement of the Governor's long-term plan for mental health services in the wake of Tropical Storm Irene and the closing of the Vermont State Hospital has created a legislative and strategic challenge for which Patrick Flood is uniquely qualified to address. Irene gave Vermont an opportunity to build the best integrated mental health delivery system in the nation, where quality care and patient needs come first.
Meanwhile, the Agency of Human Services is facing a host of unanticipated management challenges due to both Irene and federal budget cuts. Christine Oliver's extensive management and legal experience match well with the Agency's current needs.

The Agency of Commerce and Community Development today announced that Joe Bookchin has been named the new director of the Office of the Creative Economy.
The OCE was created this year by Gov. Peter Shumlin and the Vermont Legislature in recognition of this growing sector of the Vermont economy. Creative enterprises’from web designers and software game programmers to architecture, e-commerce, graphic design, publishing and film and new media companies, among others’provide high-paying, skilled jobs that are critical to the state’s economic future.
‘Governor Shumlin and the Agency of Commerce and Community Development recognize that creative energy and entrepreneurial spirit are in abundant supply in Vermont,’ said Lawrence Miller, Vermont’s secretary of Commerce and Community Development. ‘This area has the potential to be a powerhouse for economic growth. We are delighted that Joe will be heading up this important new office.’

Workers' compensation insurer The MEMIC Group of Portland, Maine, announced today it has acquired Vermont-based insurer Granite Manufacturers Mutual Insurance Company. MEMIC also said in a statement that it plans to expand its operations in Pennsylvania and New Jersey in 2012.
MEMIC purchased Granite Manufacturers Mutual Insurance Company of Barre for an undisclosed sum and will rename it MEMIC Casualty Company. The company will operate under the parent brand MEMIC as part of The MEMIC Group. According to company president and CEO John T. Leonard, the acquisition will give the group another vehicle to continue its impressive growth in the commercial workers' compensation insurance market.

After connecting its first customer two days before Hurricane Irene struck, ECFiber continues to add new customers along its Phase I route through Bethel, Royalton and Barnard. The second closing of local finance at the beginning of December raised $340,000. This allows ECFiber to build additional miles in Barnard and Royalton and adjacent roads in Tunbridge, Pomfret and Sharon. Once that construction is completed in the summer of 2012, ECFiber expects to have passed approximately 60-65 percent of Barnard households.

The Brattleboro Retreat (Retreat) has financed $9.935 million in new debt and refinanced $2.315 million in old through the Vermont Educational and Health Buildings Financing Agency (VEHBFA). The new money financing will allow the Retreat to expand inpatient capacity for young adults; upgrade existing services; acquire an electronic medical records system and make much needed facility repairs.
The $2.315 million refunded bonds will replace an inefficient small issue. The new bonds will have an increased LOC renewal term and the Retreat expects weekly reset rates to be reduced by approximately 10 bps.
With the new bond issue, the Retreat’s contractor expects to hire over 90 craftsman with +$900,000 in payroll. Long-term the project will add up to 41 staff with an annualized payroll of +$1.2 million.
VEHBFA 12.20.2011

Champlain College has financed $7.7 million in new debt through the Vermont Educational and Health Buildings Financing Agency (VEHBFA). The bond was privately placed with TD Bank. The VEHBFA financing will allow the College to construct a 98 bed, on-campus student dormitory.
The College feels its plan to increase the supply of on campus student housing makes the school more attractive to incoming students and increases retention among existing students, thereby improving the school’s financial position.
The dormitory project expects to bring $7.6M into the local economy in construction costs alone. The project’s contractor and subs will employ approximately 160- 200 craftsman, with over 60% of the dollar value of construction going to Vermont based sub- contractors.

On December 15, 2011 the VMBB issued $43.7 million in 2011 Series 5 Bonds to assist 26 municipalities to refinance outstanding debt issued through the US Department of Agriculture-Rural Development. The USDA-RD debt was originally issued to fund principally municipal drinking water and sewer projects. The refinancing bonds will save participating municipalities over $4,109,786 in future debt service payments.
Through the December 15, 2011 issue of $25.9 million in 2011 Series 6 Refinancing Bonds, the Bond Bank was able to refinance its 2003 Series 2 bonds resulting in $1,750,000 in future debt service payment savings for 27 Vermont municipalities and school districts. Loans from the 2003 Series 2 bonds were originally used mainly for ‘bricks and mortar’ construction and renovation projects.
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